Commerzbank has applied for a local crypto license making it the first major german bank to do so, according to a report. By amitoj
Local media outlet Börsen-Zeitung said that a spokesperson from the bank confirmed on April 14 that it “applied for the crypto custody license in the first quarter of 2022.”
The application is to get authorization to offer exchange services along with custody and protection of crypto-assets.Germany had brought in a new law, effective Jan. 1, 2020, that wouldGerman Banks to offer crypto services. The law required any business seeking to offer crypto services in Germany to seek a licence from BaFin, Germany's Federal Financial Supervisory Authority.
BaFin has received 25 applications for approval as a crypto custodian so far but has only approved four so far.Save a Seat NowThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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